Accounting Period Accounting Concept

Accounting Concept : Accounting Period
The users of Financial Statement require periodical reports to ascertain the Financial Position of the Business Concern. Users can be Creditors, Debtors, Tax Department etc.

Few Points to Remember
The entire life of business is divided into time intervals for ascertaining the Financial Position.
It it of the following two types:
Financial Year (1st April to 31st March)
Calendar Year (1st January to 31st December)
For taxation purpose, the financial year is adopted as prescribed by the Government of India
Companies listed on Stock Exchange require to publish their Quarterly Financial Reports

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